[Adopted 3-9-1998 by L.L. No. 2-1998]
It is hereby determined that, in order to create or retain permanent private-sector jobs, to provide employment opportunities and broaden the tax base, it is necessary to adopt an accelerated exemption schedule to encourage targeted economic development in certain towns in Dutchess County pursuant to § 485-b of the Real Property Tax Law.
A. 
The tax exemption provided by this article shall be computed pursuant to the following accelerated strategic exemption schedule:
Year of Exemption
Percentage of Exemption
1
50%
2
50%
3
50%
4
40%
5
30%
6
20%
7
10%
8
10%
9
10%
10
5%
11
0%
B. 
The applicability of this schedule shall be limited to projects where the cost of construction, alteration or improvement exceeds the sum of $50,000.
Commercial businesses or industrial activity constructed, altered, installed or improved in the towns in the attached Schedule A[1] and coming within the Standard Industrial Classification Codes set forth after each town shall qualify for tax exemptions pursuant to the schedule set forth in § 264-44 hereof, subject to and in compliance with the provisions of § 485-b of the Real Property Tax Law.
[1]
Editors' Note: Schedule A is included as an attachment to this chapter.
The percentage of exemption of real property from taxation and special ad valorem levies allowed pursuant to § 485-b, Subdivisions 2(a)(i), (ii) and (iii) of the Real Property Tax Law shall be, and hereby is, reduced to and fixed as zero and the tax exemptions set forth in Subdivisions 9, 10, 11 and 12 of said law, as implemented by this article, shall govern exemptions.